Filters
Question type
Study Flashcards

The following materials standards have been established for a particular product: The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: What is the materials quantity variance for the month? A) $9,940 U B) $15,351 U C) $14,484 U D) $10,535 U The following data pertain to operations concerning the product for the last month: The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: What is the materials quantity variance for the month? A) $9,940 U B) $15,351 U C) $14,484 U D) $10,535 U What is the materials quantity variance for the month?


A) $9,940 U
B) $15,351 U
C) $14,484 U
D) $10,535 U

E) B) and D)
F) B) and C)

Correct Answer

verifed

verified

The following standards have been established for a raw material used to make product O84: The following standards have been established for a raw material used to make product O84: The following data pertain to a recent month's operations: The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? The following data pertain to a recent month's operations: The following standards have been established for a raw material used to make product O84: The following data pertain to a recent month's operations: The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?

Correct Answer

verifed

verified

a. Materials price variance = (AQ × AP) ...

View Answer

The following direct labor standards have been established for product O64L: The following direct labor standards have been established for product O64L: The following data pertain to last month's operations: Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month? The following data pertain to last month's operations: The following direct labor standards have been established for product O64L: The following data pertain to last month's operations: Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month? Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month?

Correct Answer

verifed

verified

a. Labor rate variance = (AH × AR) − (AH...

View Answer

The following data have been provided by Liggett Corporation: The following data have been provided by Liggett Corporation: Lubricants and supplies are both elements of variable manufacturing overhead. The variable overhead rate variance for supplies is closest to: A) $640 F B) $1,387 F C) $1,387 U D) $747 F Lubricants and supplies are both elements of variable manufacturing overhead. The variable overhead rate variance for supplies is closest to:


A) $640 F
B) $1,387 F
C) $1,387 U
D) $747 F

E) B) and C)
F) B) and D)

Correct Answer

verifed

verified

Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for June: The labor rate variance for the month is closest to: A) $1,020 F B) $1,020 U C) $920 F D) $920 U The company has reported the following actual results for the product for June: Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for June: The labor rate variance for the month is closest to: A) $1,020 F B) $1,020 U C) $920 F D) $920 U The labor rate variance for the month is closest to:


A) $1,020 F
B) $1,020 U
C) $920 F
D) $920 U

E) A) and C)
F) B) and D)

Correct Answer

verifed

verified

Vermeillen Corporation uses a standard costing system in which variable manufacturing overhead is assigned to production on the basis of the number of machine setups. The following data pertain to one month's operations: ∙\bullet Variable manufacturing overhead cost incurred: $70,000 ∙\bullet Total variable manufacturing overhead variance: $4,550 Favorable ∙\bullet Standard machine setups allowed for actual production: 3,550 ∙\bullet Actual machine setups incurred: 3,500 The variable overhead rate variance is:


A) $1,000 Favorable
B) $1,000 Unfavorable
C) $3,500 Unfavorable
D) $3,500 Favorable

E) A) and D)
F) A) and C)

Correct Answer

verifed

verified

The direct labor standards for a particular product are 4 hours of direct labor at $12.00 per direct labor-hour = $48.00. During October, 3,350 units of this product were made, which was 150 units less than budgeted. The labor cost incurred was $159,786 and 13,450 direct labor-hours were worked. The direct labor variances for the month were: The direct labor standards for a particular product are 4 hours of direct labor at $12.00 per direct labor-hour = $48.00. During October, 3,350 units of this product were made, which was 150 units less than budgeted. The labor cost incurred was $159,786 and 13,450 direct labor-hours were worked. The direct labor variances for the month were: A) Choice A B) Choice B C) Choice C D) Choice D


A) Choice A
B) Choice B
C) Choice C
D) Choice D

E) A) and D)
F) C) and D)

Correct Answer

verifed

verified

Mcphail Inc. has a standard cost system. The standards for direct materials for one of its products specify 6.6 grams of a particular input per unit of output at a standard cost of $7.40 per gram. The company has reported the following actual results for the product for September: Mcphail Inc. has a standard cost system. The standards for direct materials for one of its products specify 6.6 grams of a particular input per unit of output at a standard cost of $7.40 per gram. The company has reported the following actual results for the product for September: Required: a. Compute the materials price variance for this input for September. b. Compute the materials quantity variance for this input for September. Required: a. Compute the materials price variance for this input for September. b. Compute the materials quantity variance for this input for September.

Correct Answer

verifed

verified

a. Materials price variance = (AQ × AP) ...

View Answer

Hardigree Corporation makes a product that has the following direct labor standards: Hardigree Corporation makes a product that has the following direct labor standards: In May the company's budgeted production was 8,900 units, but the actual production was 8,800 units. The company used 2,820 direct labor-hours to produce this output. The actual direct labor cost was $70,218. The labor rate variance for May is: A) $5,016 U B) $5,358 U C) $5,016 F D) $5,358 F In May the company's budgeted production was 8,900 units, but the actual production was 8,800 units. The company used 2,820 direct labor-hours to produce this output. The actual direct labor cost was $70,218. The labor rate variance for May is:


A) $5,016 U
B) $5,358 U
C) $5,016 F
D) $5,358 F

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

The following data have been provided by Lopus Corporation: The following data have been provided by Lopus Corporation: Required: Compute the variable overhead rate variances for lubricants and for supplies. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work! Required: Compute the variable overhead rate variances for lubricants and for supplies. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work!

Correct Answer

verifed

verified

Lubricants:
Variable overhead rate varia...

View Answer

Sade Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Sade Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for December: Required: a. Compute the variable overhead rate variance for December. b. Compute the variable overhead efficiency variance for December. The company has reported the following actual results for the product for December: Sade Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for December: Required: a. Compute the variable overhead rate variance for December. b. Compute the variable overhead efficiency variance for December. Required: a. Compute the variable overhead rate variance for December. b. Compute the variable overhead efficiency variance for December.

Correct Answer

verifed

verified

a. Variable overhead rate variance = (AH...

View Answer

Miguez Corporation makes a product with the following standard costs: Miguez Corporation makes a product with the following standard costs: The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for September is: A) $2,170 U B) $2,232 U C) $2,170 F D) $2,232 F The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for September is:


A) $2,170 U
B) $2,232 U
C) $2,170 F
D) $2,232 F

E) C) and D)
F) B) and C)

Correct Answer

verifed

verified

Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for June: The variable overhead rate variance for the month is closest to: A) $460 U B) $510 F C) $510 U D) $460 F The company has reported the following actual results for the product for June: Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for June: The variable overhead rate variance for the month is closest to: A) $460 U B) $510 F C) $510 U D) $460 F The variable overhead rate variance for the month is closest to:


A) $460 U
B) $510 F
C) $510 U
D) $460 F

E) All of the above
F) C) and D)

Correct Answer

verifed

verified

Fluegge Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Fluegge Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for December: The labor efficiency variance for the month is closest to: A) $3,604 U B) $3,604 F C) $3,502 F D) $3,502 U The company has reported the following actual results for the product for December: Fluegge Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The company has reported the following actual results for the product for December: The labor efficiency variance for the month is closest to: A) $3,604 U B) $3,604 F C) $3,502 F D) $3,502 U The labor efficiency variance for the month is closest to:


A) $3,604 U
B) $3,604 F
C) $3,502 F
D) $3,502 U

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

Grub Chemical Corporation has developed cost standards for the production of its new cologne, ChocO. The variable cost standards below relate to each 10 gallon batch of ChocO: Grub Chemical Corporation has developed cost standards for the production of its new cologne, ChocO. The variable cost standards below relate to each 10 gallon batch of ChocO: Variable manufacturing overhead at Grub is applied based on direct labor-hours. The actual results for last month were as follows: What is ChocO's labor rate variance? A) $902 Favorable B) $2,880 Favorable C) $3,782 Favorable D) $14,432 Favorable Variable manufacturing overhead at Grub is applied based on direct labor-hours. The actual results for last month were as follows: Grub Chemical Corporation has developed cost standards for the production of its new cologne, ChocO. The variable cost standards below relate to each 10 gallon batch of ChocO: Variable manufacturing overhead at Grub is applied based on direct labor-hours. The actual results for last month were as follows: What is ChocO's labor rate variance? A) $902 Favorable B) $2,880 Favorable C) $3,782 Favorable D) $14,432 Favorable What is ChocO's labor rate variance?


A) $902 Favorable
B) $2,880 Favorable
C) $3,782 Favorable
D) $14,432 Favorable

E) None of the above
F) All of the above

Correct Answer

verifed

verified

Handerson Corporation makes a product with the following standard costs: Handerson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for August is: A) $464 F B) $512 U C) $464 U D) $512 F The company reported the following results concerning this product in August. Handerson Corporation makes a product with the following standard costs: The company reported the following results concerning this product in August. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for August is: A) $464 F B) $512 U C) $464 U D) $512 F The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for August is:


A) $464 F
B) $512 U
C) $464 U
D) $512 F

E) B) and C)
F) A) and B)

Correct Answer

verifed

verified

Majer Corporation makes a product with the following standard costs: Majer Corporation makes a product with the following standard costs: The company reported the following results concerning this product in February. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for February is: A) $3,277 F B) $3,390 U C) $3,390 F D) $3,277 U The company reported the following results concerning this product in February. Majer Corporation makes a product with the following standard costs: The company reported the following results concerning this product in February. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for February is: A) $3,277 F B) $3,390 U C) $3,390 F D) $3,277 U The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for February is:


A) $3,277 F
B) $3,390 U
C) $3,390 F
D) $3,277 U

E) B) and C)
F) A) and B)

Correct Answer

verifed

verified

Leonesio Corporation makes a product that uses a material with the following standards: Leonesio Corporation makes a product that uses a material with the following standards: The company budgeted for production of 3,100 units in August, but actual production was 3,200 units. The company used 27,600 kilos of direct material to produce this output. The company purchased 29,000 kilos of the direct material at a total cost of $118,900. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for August is: A) $2,900 U B) $2,624 U C) $2,900 F D) $2,624 F The company budgeted for production of 3,100 units in August, but actual production was 3,200 units. The company used 27,600 kilos of direct material to produce this output. The company purchased 29,000 kilos of the direct material at a total cost of $118,900. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for August is:


A) $2,900 U
B) $2,624 U
C) $2,900 F
D) $2,624 F

E) C) and D)
F) B) and C)

Correct Answer

verifed

verified

Kartman Corporation makes a product with the following standard costs: Kartman Corporation makes a product with the following standard costs: In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for June is: A) $4,560 F B) $4,560 U C) $4,731 U D) $4,731 F In June the company's budgeted production was 3,400 units but the actual production was 3,500 units. The company used 22,150 pounds of the direct material and 2,290 direct labor-hours to produce this output. During the month, the company purchased 25,400 pounds of the direct material at a cost of $170,180. The actual direct labor cost was $57,021 and the actual variable overhead cost was $8,931. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for June is:


A) $4,560 F
B) $4,560 U
C) $4,731 U
D) $4,731 F

E) B) and C)
F) C) and D)

Correct Answer

verifed

verified

Dibert Inc. has provided the following data concerning one of the products in its standard cost system. Dibert Inc. has provided the following data concerning one of the products in its standard cost system. The company has reported the following actual results for the product for February: The labor rate variance for the month is closest to: A) $5,746 U B) $6,069 F C) $5,746 F D) $6,069 U The company has reported the following actual results for the product for February: Dibert Inc. has provided the following data concerning one of the products in its standard cost system. The company has reported the following actual results for the product for February: The labor rate variance for the month is closest to: A) $5,746 U B) $6,069 F C) $5,746 F D) $6,069 U The labor rate variance for the month is closest to:


A) $5,746 U
B) $6,069 F
C) $5,746 F
D) $6,069 U

E) A) and B)
F) None of the above

Correct Answer

verifed

verified

Showing 21 - 40 of 247

Related Exams

Exam 1

Managerial Accounting and Cost Concepts

299 Questions

Exam 2

Costvolumeprofit Relationships

260 Questions

Exam 3

Joborder Costing: Calculating Unit Product Costs

292 Questions

Exam 4

Variable Costing and Segment Reporting: Tools for Management

291 Questions

Exam 5

Activitybased Costing: a Tool to Aid Decision Making

213 Questions

Exam 6

Differential Analysis: the Key to Decision Making

203 Questions

Exam 7

Capital Budgeting Decisions

179 Questions

Exam 8

Master Budgeting

236 Questions

Exam 9

Flexible Budgets and Performance Analysis

417 Questions

Exam 11

Performance Measurement in Decentralized Organizations

180 Questions

Exam 12

Cost of Quality

66 Questions

Exam 13

Analyzing Mixed Costs

82 Questions

Exam 14

Activity-Based Absorption Costing

20 Questions

Exam 15

the Predetermined Overhead Rate and Capacity

42 Questions

Exam 16

Super-Variable Costing

49 Questions

Exam 17

Time-Driven Activity-Based Costing: a Microsoft Excel-Based Approach

123 Questions

Exam 18

Pricing Decisions

149 Questions

Exam 19

the Concept of Present Value

16 Questions

Exam 20

Income Taxes and the Net Present Value Method

150 Questions

Exam 21

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

177 Questions

Exam 22

Transfer Pricing

102 Questions

Exam 22

Service Department Charges

44 Questions

Show Answer